“With the rising cost of living, we recognise that this is a concerning time for many households. It is normal to experience worries about money, but it’s better to face them rather than ignore them and there are options available to help ease any immediate concerns.
“We welcome the FCA’s letter today to lenders to ensure that those struggling or who face vulnerable circumstances are offered the support they may need and we encourage consumers to talk to their lenders as soon as they can if they are struggling to meet payments.
“The MoneyHelper website has information about how to approach these conversations with your lender as well as practical guidance and tools such as the Bill Prioritiser to help you work out which bills to pay first. If you are already struggling with debt, you can use our Debt Advice Locator to help you find free debt advice in a way that works for you.
“If you’re struggling with debts, you might be able to get support through the debt respite scheme, also known as Breathing Space. This is a debt option that gives you temporary protection from the creditors you owe money to. It can be applied for through debt advice, and lasts for up to 60 days, with a review between days 25 and 35. This could give you valuable time to find an effective and long-term solution for dealing with your debts and help you move forward.”
Caroline Siarkiewicz, Chief Executive Officer at the Money and Pensions Service